What is the copyright law surrounding Ellen's famous Oscars group selfie?

Unless, of cours the participants’ admission to the event is subject to contract, likely a contract of adhesion on their ticket, invite, or whatever it is. It is unlikely that what went down here was unanticipated by the lawyers working on behalf of the Academy. Your argument presupposes that those lawyers overlooked it. I doubt it. While neither of us have evidence either way in front of us, it is quite possible that there is no hint of controversy over who would own the copyright. Btw, the Academy doesn’t need to come forward with anything for a purely hypothetical media cluster discussion about rights nobody is actually asserting against it.